Humanoid Robot Market to cross $5bn by 2024

Humanoid Robot Market size was valued at over USD 450 million, with global shipments of over 90,000 units in 2016, and set to exceed USD 5 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are forecast to grow at over 40% CAGR from 2017 to 2024.

Increasing deployment of robots enabled with advanced features across retail and hospitality applications to enhance the customer experience is projected to augment demand. Emerging trend of digitization across these sectors followed by the growing adoption to reduce costs associated with various business operations significantly contributes to the industry demand. Deployment in the hospitality industry to augment the operational efficiency, perform multiple tasks and boosting the overall productivity is expected to fuel the humanoid robot market growth.

Growing demand from the education and research sector is anticipated to surge the adoption of humanoid robots over the future. The popularity of such robots providing humanly interaction is on the rise among students of various age-groups further contributing to the market growth. However, concerns such as high prices might limit the humanoid robot market growth. In addition, the reluctance of consumers to adopt such robots pose a major challenge to the industry demand.

Wheel drive robots are expected to witness significant growth over the forecast timeline. This growth can be accredited to the growing demand of such robots for enhancing customer engagement across various industrial sectors. The incorporation of robots with advanced technology such as AI is an emerging trend in serving experiences as part of the product offerings. Humanoid robots enable retailers to upgrade the ability to provide experiences to their customers in terms of personalized recommendations. In addition, they utilize emotion recognition technology to enhance the customer interaction.

Surging adoption across applications such as security, education and healthcare is anticipated to fuel the humanoid robot market growth. These machines use interactive demonstrations and animations to entertain the customers, guide them through the service & product offerings in a business establishment.

It helps in reducing efforts resulting in optimizing the performance of the sales force. Healthcare sector provides lucrative growth opportunities to the market. It can be credited to the rising adoption of such robots for providing care to elderly persons reducing the burden of nursing care.

Asia Pacific humanoid robot market will witness high growth over the forecast timeline. The growth can be attributed to growing demand of these robots in emerging economies such as China and Japan. Moreover, the increasing number of players entering the industry with advanced technologies further contributes to the regional growth. The growing adoption for security and surveillance applications across security check points is expected to fuel the MEA market growth.

Companies in the humanoid robot market comprise Softbank Robotics, Ubtech Robotics, Qihan Technology, DST Robot, Robotis, Engineered Arts, Bluefrog Robotics, Kawada Robotics, Honda, Hanson Robotics, Toshiba, Hajime Research Institute and Trossen Robotics. The industry is characterized by increasing competition followed by the rising number of new entrants. The industry players are heavily investing on R&D and focusing on incorporating advanced technologies and next generation robotics.

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